Campbell’s Company 2025 Non-Employee Director Compensation Policy

Summary

This document outlines the compensation for non-employee directors of Campbell’s Company for the 2025 calendar year. Directors will receive $119,000 in cash and $167,000 in company stock, with additional payments for board and committee chairs and audit committee members. Payments are made quarterly, and directors can choose to receive more compensation in stock or defer payments under the company’s retirement plan. The agreement specifies the amounts and payment structure for these roles.

EX-10.4 6 cpb-exb1042025nonxemployee.htm EX-10.4 Document

Exhibit 10.4

THE CAMPBELL’S COMPANY

(“Company”)

Non-Employee Director Compensation for Calendar 2025

Board and Committee Retainer for Calendar 2025

$119,000 shall be paid in cash

$167,000 shall be paid in shares of Company stock

Additional Retainers for Board Chair, Committee Chairs and Audit Committee Members

In addition to the above Board and Committee retainer, the following amounts shall be paid 50% in cash and 50% in shares of Company stock:

$350,000 Chair of the Board

$30,000 Audit Committee chair

$25,000 Compensation and Organization Committee chair

$20,000 Finance Committee chair

$20,000 Governance Committee chair

$7,500 Audit Committee members (excluding the Audit Committee chair)

The retainers will be paid quarterly in arrears. Prior to the beginning of a calendar year, a non-employee director may elect to (i) receive shares of Company stock in lieu of the cash portion of any retainer (such election to be made in 10% increments) and/or (ii) defer all or a portion of any cash or stock retainer in accordance with the terms and conditions of the Company Supplemental Retirement Plan.